NSE: EIMCOELECO · BSE: 523708
EIMCO ELECON (INDIA) LTD
Makes industrial machinery and spares under a single reporting segment called 'Machinery and Spares'. At the FY26 AGM, management highlighted the launch of the Continuous Miner 3500 for underground coal mining and its entry into the battery-operated equipment market with an indigenous passenger car and multi-utility vehicle. FY26 revenue from operations was Rs 230.7465 cr with net profit of Rs 38.7133 cr, and Q1 FY27 revenue from operations was Rs 77.52 cr (up 14.7% from Rs 67.57 cr in Q1 FY26) with net profit of Rs 15.38 cr. Materials and components were the largest cost line at 38.2% of FY26 revenue, with employee cost at 9.5%, other operating expenses at 29%, depreciation at 3.8%, and capex at 26.2% of revenue, indicating a capital-intensive manufacturing operation. The chairman's statement noted a net cash balance and a focus on R&D and brand strengthening, while the board recommended a Rs 4 per share final dividend for FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Machinery and Spares. Small, single-segment industrial machinery and spares manufacturer
Exhibit 1: Financial summary, FY20–FY24 (all audited; no estimate years)
| ₹ crore · consolidated | FY20 | FY21 | FY22 | FY23 | FY24 |
|---|---|---|---|---|---|
| Revenue | 108 | 126 | 84 | 173 | 228 |
| EBITDA (ex other income) | 6 | 11 | 9 | 24 | 40 |
| margin % | 5.4 | 8.6 | 10.9 | 14.1 | 17.6 |
| Owners' profit | 0 | 11 | 0 | 0 | 39 |
| EPS, as reported (₹) | 16.45 | 19.55 | 15.04 | 33.85 | 66.83 |
| ROE % · ROCE % | 3.0 · 3.2 | 3.4 · 4.4 | 2.6 · 3.0 | 5.6 · 7.2 | 10.0 · 12.5 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | — | 3 | (11) | 7 | 12 |
| Capex | — | (6) | (2) | (3) | (5) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY23 | Q2 FY23 | Q3 FY23 | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 33 | 37 | 38 | 64 | 44 | 51 | 48 | 84 |
| Profit before tax | (3) | 8 | 7 | 14 | 5 | 14 | 10 | 19 |
| Net profit | (1) | 6 | 5 | 10 | 5 | 11 | 8 | 15 |
| EPS (₹) | (2.25) | 10.57 | 8.51 | 17.01 | 9.30 | 18.72 | 13.08 | 25.72 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,786 | 97.2 | 24.93 | 80.7 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 29,194 | 78.7 | 9.52 | 50.8 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 27,680 | 50.5 | 6.20 | — | 11.8 | 15.5 | — | 18.2 |
| KAYNES TECHNOLOGY IND LTD | 22,459 | 64.9 | 4.72 | 31.9 | 7.6 | 9.8 | — | 17.1 |
| JYOTI CNC AUTOMATION LTD | 21,078 | 65.5 | 10.53 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| LMW LIMITED | 17,356 | 99.3 | 6.05 | 56.2 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,374 | 469.7 | 3.93 | 40.0 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,314 | 48.4 | 7.32 | 50.2 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 32.2 | 26.5 | 75 of 130 | 43% |
| P/B | 3.2 | 3.1 | 58 of 112 | 49% |
| ROCE | 12.3 | 11.3 | 67 of 142 | 53% |
| ROE | 10.0 | 9.8 | 56 of 113 | 51% |
| Debt / Equity | 0.0 | 0.2 | 25 of 113 | 79% |
| EBITDA margin | 25.4 | 12.4 | 16 of 110 | 86% |
| Revenue growth | 31.2 | 20.6 | 36 of 114 | 69% |
| Profit growth | 51.2 | 17.1 | 41 of 109 | 63% |
| Market cap | 1240 | 279 | 40 of 141 | 72% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Eimco Elecon launches DW-220 hydraulic diaphragm wall grab | business updates | low | — | — |
| 16 Oct 2026 · CFO Mr. Vishal Begwani resigns; effective October 30, 2026 | management changes | high | — | — |
| 14 Oct 2026 · Eimco Elecon publishes Q2 and H1 FY26-27 results in newspapers | compliance | minimal | — | — |
| 13 Oct 2026 · CFO Vishal Begwani resigns effective October 30 | management changes | high | — | — |
| 13 Oct 2026 · Eimco Elecon Q2 FY27 investor presentation: order book up 202% YoY | investor communications | medium | — | — |
| 13 Oct 2026 · Eimco Elecon Q2 FY27 results: Revenue up 70.9%, EBITDA doubles | results | high | — | — |
| 13 Oct 2026 · CFO Vishal Begwani resigns effective Oct 30, 2026 | management changes | high | — | — |
| 13 Oct 2026 · Q2 FY27 results: revenue up 71 percent, PAT up 47 percent, CFO resigns | results | high | — | — |
| 9 Oct 2026 · RTA confirmation certificate under SEBI Regulation 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 3 Oct 2026 · Reminder notice for re-lodgment of physical share transfers published | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.